Real estate prices are now falling significantly after years of booming.
(Photo: dpa)
Dusseldorf The trend reversal in the real estate market is becoming increasingly clear: Europace’s house price index shows falling prices in November, as the company announced on Thursday. Stefan Münter, Co-CEO and CEO of Europace, says: “The real estate market is in a state of upheaval – with prices continuing to fall, interest rates rising and inflation also high – and the next few months will show how quickly the market will find a new equilibrium .”
Unlike the asking prices of real estate portals, the index is based on actual real estate financing transaction data. With more than 70 billion euros annually, more than 20 percent of all real estate financing for private customers in Germany is processed via the Europace platform.
According to Europace, prices for condominiums fell the most in November compared to the previous month, at 2.54 percent. Compared to the previous year, apartment prices fell by 1.92 percent.
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